Truth Social Gets a Bailout

[Geee]

PJ Media

Truth Social will live another day. Actually, it will live until at least September of 2023. The social media app that Trump built was in danger of folding. According to an article in the New York Post, investors decided to give the flagging social media another chance by voting for an infusion of cash. Truth Social is slated to be acquired by Digital World Acquisition Corp, which needs to be completed by September of next year. The company still needs to raise operating funds while DWAC waits for a nod from the SEC for the deal to go through. If the SEC agrees, Truth Social will pick up $1.25 billion.

The Post article said that the vote was a small boon for DWAC’s value. Shares in the company had dropped from $28 to $22 per share after Trump announced his 2024 run. On Tuesday, the stock gained 5.7% to hit $22.73.